REG - Savills PLC - Result of AGM
RNS Number : 4113YSavills PLC12 May 202112 MAY 2021
SAVILLS PLC
('the Company')
ANNUAL GENERAL MEETING - 12 MAY 2021: RESOLUTIONS
The Savills plc Annual General Meeting was held on Wednesday 12 May 2021 at Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB. All resolutions were passed on a poll
An analysis of the proxy votes lodged against each resolution prior to the AGM is set out below:
Resolution
No. of Votes For
% For
No. of Votes Against
% Against
Total No. of Votes Cast
Total No. of Votes Withheld/ Abstentions
Poll Yes/No
1
To receive the 2020 Annual Report and Accounts, the Directors' Reports and the Auditors' Report on the 2020 Annual Report and Accounts
116,258,719
100.00%
185
0.00%
116,258,904
173,157
Yes
2
To approve the Directors' Remuneration Report contained in the Annual Report and Accounts for the financial year ended 31 December 2020
86,458,864
79.05%
22,920,316
20.95%
109,379,180
7,052,881
Yes3
To declare a final dividend of 17.0p per ordinary share
116,427,799
100.00%
0
0.00%
116,427,799
4,262
Yes4
To re-elect Nicholas Ferguson as a Director
115,413,693
99.14%
998,106
0.86%
116,411,799
20,262
Yes
5
To re-elect Mark Ridley as a Director
111,165,785
95.49%
5,246,014
4.51%
116,411,799
20,262
Yes
6
To re-elect Tim Freshwater as a Director
109,705,281
94.24%
6,706,366
5.76%
116,411,647
20,414
Yes
7
To re-elect Simon Shaw as a Director
111,748,467
95.99%
4,663,180
4.01%
116,411,647
20,414
Yes
8
To re-elect Stacey Cartwright as a Director
109,036,778
93.66%
7,374,869
6.34%
116,411,647
20,414
Yes
9
To re-elect Florence Tondu-Mélique as a Director
109,673,848
94.21%
6,737,951
5.79%
116,411,799
20,262
Yes
10
To re-appoint Dana Roffman as a Director
109,035,181
93.66%
7,376,466
6.34%
116,411,647
20,414
Yes
11
To re-appoint Philip Lee as a Director
116,261,036
99.87%
150,611
0.13%
116,411,647
20,414
12
To re-appoint Richard Orders as a Director
116,259,046
99.87%
152,601
0.13%
116,411,647
20,414
13
To appoint Ernst & Young as the Auditors
116,152,451
99.78%
256,900
0.22%
116,409,351
22,710
Yes
14
To authorise the Directors to determine the Auditors' remuneration
116,408,007
100.00%
3,773
0.00%
116,411,780
20,281
Yes
15
To authorise the extension of the Savills plc Performance Share Plan
115,428,115
99.15%
985,894
0.85%
116,414,009
18,052
16
To renew the Directors' power to allot shares
110,077,891
94.57%
6,325,330
5.43%
116,403,221
28,840
Yes
17
To authorise a general disapplication of statutory pre-emption rights #
115,903,965
99.57%
498,540
0.43%
116,402,505
29,556
Yes
18
To authorise an additional disapplication of statutory pre-emption rights#
109,322,994
93.92%
7,079,510
6.08%
116,402,504
29,557
Yes
19
To renew the Company's authority to purchase its own shares #
116,199,774
99.94%
65,665
0.06%
116,265,439
166,622
Yes
20
To authorise the Directors to call general meetings on 14 clear days' notice #
103,658,926
89.04%
12,756,333
10.96%
116,415,259
16,802
Yes
# Passed as a special resolution.
The Board acknowledges the level of votes cast against Resolution 2, the advisory vote on the implementation of the Company's 2020 Remuneration Policy, itself approved by 90% of shareholders at last year's AGM.
In advance of the AGM the Board engaged with both shareholders and proxy advisors in respect of concerns raised on aspects of the Directors' Remuneration Report. The Board understands that shareholders' primary concern was its decision to take into account a wider number of operational and strategic performance metrics than the profit targets set prior to the pandemic. The Board applied discretion to specifically award 21% of the maximum potential profit related bonus element to the Executive Directors to recognise the significant operational and strategic progress in the year, reflected by the impressive market share gains. This decision resulted in total remuneration of the Executive Directors being reduced by 45% year-on-year. Some shareholders also felt that Executive Directors pension provision may not be aligned with the all-employee rate although this is fully aligned with the rates available to colleagues with an equivalent level of service.
The Board is satisfied that its recommendation was made in the best interests of all stakeholders. In light of the voting outcome, and in any event as part of the planned introduction of the new Chair of the Remuneration Committee to our leading shareholders, it will engage with our leading shareholders over the coming months. In accordance with the UK Corporate Governance Code, the Company will publish an update on that engagement within six months of the 2021 AGM
NOTES:
All resolutions were passed
1. Votes 'withheld' have not been included in the calculation of whether a resolution is carried. Percentages have been rounded to two decimal places.
2. Copies of Resolutions 17 to 20 , will be submitted to the National Storage Mechanism and in due course will be available to view at http://data.fca.org.uk/#/nsm/nationalstoragemechanism using Savills plc's code 'SVS'.
3. Details of the votes received on the resolutions are available on the Company's website: http://ir.savills.com/shareholder-information/agm
4. The issued share capital was 143,073,983 ordinary shares of 2.5 pence each and the total number of voting rights in respect of these ordinary shares was 143,073,983 each ordinary share having one vote.
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